Mall of the Emirates Sets New Benchmark with Dhs5 Billion Metamorphosis

Mall of the Emirates will undergo a Dhs5 billion transformation aimed at reshaping the destination into a next-generation, multi-sensory retail, culture and lifestyle hub, as its operator, Majid Al Futtaim, continues to post strong financials for the first half of 2025.

Majid Al Futtaim reported revenue of Dhs17.3 billion for the six months ending 30 June, up 3 per cent over the same period in 2024. EBITDA rose by 9 per cent to Dhs2.3 billion, while net profit excluding valuation and tax jumped 23 per cent to Dhs1.3 billion. Free cash flow stood at Dhs1.1 billion, net debt was reduced to Dhs13.4 billion, and total assets were valued at Dhs70.4 billion. The net debt-to-equity ratio improved to 38 per cent.

The investment in Mall of the Emirates falls under the company’s “Mall of New Possibilities” vision. It will add about 20,000 square metres of retail space, bring in 100 new stores, and introduce significant enhancements such as a luxury wellness club, immersive cultural spaces and upgraded entertainment concepts. Among planned facilities are a new cultural hub developed with the Dubai Performing Arts Academy, featuring a 600-seat theatre; an indoor-outdoor dining precinct; and four new entertainment offerings by late 2026, including a first-of-its-kind advanced IMAX experience at VOX Cinemas. Key infrastructure upgrades include barrier-free parking, improved access roads, bridge enhancements and an outdoor food & beverage courtyard expected in early 2027.

The group’s growth across its core divisions is helping fuel confidence in taking bold expansion moves. Its Properties business—covering malls, residential developments and mixed-use destinations—saw a 14 per cent rise in net revenue and a 10 per cent lift in EBITDA. Retail digital operations surged, with revenue rising 23 per cent and EBITDA growing significantly from its earlier base. Lifestyle revenues rose by 15 per cent, aided by new luxury brand launches, especially in Saudi Arabia. The Entertainment segment posted 11 per cent growth in net revenue, propelled by strong performance from VOX Cinemas, expansions in gaming and immersive experience concepts.

Despite weaker performance in some brick-and-mortar retail markets—attributed to geopolitical pressures and shifting consumer behaviour—the Group’s omnichannel strategy, including its quick-commerce arm and digital advertising business, helped offset those headwinds. Majid Al Futtaim noted that initiatives such as Carrefour Now gained traction, and its AI-enabled ad tech business, Precision Media, contributed to revenue growth.